Planned Tampa Area Multifamily Secures Bridge Financing

BRANDON, FL—Trez Forman Capital has arranged a $10-million bridge loan that has facilitated the acquisition of land near the Westfield Brandon regional shopping center here that will be developed as a significant mixed-use project.

The undeveloped property at the northeast corner of South Lakewood Drive and Brandon Parkway will have 600 multifamily units and 75,000 square feet of mixed-use buildings and stores on 55 acres, which is one of the largest remaining undeveloped parcels in Brandon.

The loan, which closed in early July, was arranged by Brett D. Forman, president/CEO of Trez Forman for Brandon Town Center Development Partners, LLC.

Palm Beach, FL-based Trez Forman identifies the borrower as a multifamily housing developer and repeat borrower. The property sits less than one mile from Westfield Brandon, a regional shopping mall with more than 1 million square feet of stores and restaurants.

“Tampa’s multifamily market is fundamentally sound and one of the top annual rent-growth metros in the nation. A booming economy and robust population gains have consistently fueled strong multifamily demand,” says Forman. “With employment growth far outpacing the national average and future job projections expected to remain elevated, multifamily demand should remain high.”

The borrower will build three-story units of one, two or three bedrooms with attached garages. Funding will enable the company to buy the property and produce construction plans and drawings, according to Trez Forman.

Trez Forman has been active in the Tampa Bay MSA over the past year. In October 2018, it provided at $13.5-million loan for the acquisition and development of 140 acres of entitled land near Bradenton slated for 417 single-family homes. In December 2018, the company loaned $19 million to a developer to acquire 279 acres in Lakewood Ranch for a new 675-single-family home project.